According to the article, economic growth picked up in the fourth quarter of 2011 to 2.8 percent and is expected to come in at 2.3 percent for 2012, up from 1.6 percent growth for all of last year. This information was provided by Fannie Mae’s (FNMA/OTC) Economic & Strategic Research Group.

Other highlights include:

• Consumer spending improved modestly and manufacturing and services activity expanded at a strong pace.
• Labor market conditions continued to improve with nonfarm payroll job growth increasing nearly 250,000 across many industries, including construction.
• The unemployment rate dropped to 8.3 percent, down from 8.5 percent the month prior, as the large increase in employment outweighed a growing number of people joining the workforce—indicating a genuine improvement in the labor market.
• Housing showed signs of improvement late last year with existing home sales rising in December for the third consecutive month. Indicators point to some good pickup in construction of apartment buildings and modest pickup in single-family construction in some locations.

Fannie Mae’s (FNMA/OTC) Economic & Strategic Research Group has state that if these levels continue, the labor market may become an upside determinant for an improved outlook.

Overall, housing is expected to add to gross domestic product (GDP) for the first time in seven years.

To read the full article, click HERE.

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood – The Symbol for Local Knowledge.

“While today’s report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting home buyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels,” says Barry Rutenberg, chairman of the National Association of Home Builders.

Are you ready to buy a home in Southwest Florida? You should be! Homes in Naples, Bonita Springs and Estero FL are more affordable than ever. But you’d better hurry – inventory is shrinking and prices are rising! Just in Jan 2012, mid-priced homes in these areas surged up 29% in pricing, according to the Naples Area Board of Realtors (NABOR).

To find a John R. Wood Agent, click HERE.

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood – The Symbol for Local Knowledge. 

Source: National Association of Home Builders

Pending sales of all single-family homes and condos increased!

 According to the Naples Area Board of Realtors’ (NABOR) most recent market report, pending home sales of Naples area mid-priced single-family homes and condos (between $300,000 and $ 1 million) surged 29 percent in January 2012. The report tracks home listings and sales within Collier County (excluding Marco Island).

According to Phil Wood, President and CEO of John R. Wood Realtors, “Pending sales were very strong in January, plus some of the transactions were new development projects.”

Naples Area Board of REALTORS® data shows that the overall market experienced 8,295 closed sales for the 12 months ending January 2012, a 5 percent increase over the 12-month period ending January 2011 (7,879 closed sales).

NABOR® data shows:  

• Overall pending sales in the $300,000 to $500,000 category increased 34 percent from 115 in January 2011 to 154 in January 2012.  

• Closed sales in the $1 million to $2 million category increased 13 percent from 336 to 379 for the 12- month period ending January 2012.

• Inventory dropped 19 percent from 9,388 in January 2011 and remains at a low level with 7,860 available properties in January 2012.

• Average days on the market (DOM) in the $500,000 to $1 million category decreased 10 percent from 213 in January 2011 to 192 in January 2012.

• Overall sales of homes and condos between $1million and $2 million increased 53 percent, January 2012 compared to January 2011.

“The $500,000 to $1 million category has been historically a leading market indicator, and that category experienced a 23 percent rise in pending sales from 100 in January 2011 to 123 in January 2012, a positive sign,” remarked Dr. Shelton Weeks, Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University.

 ”A good report from developers, along with positive comments of an overall healthy market, may bring more buyers off the side-lines,” said Mike Hughes, General Manager of Downing-Fry Realty. “The strong activity in pending sales brings a sense of urgency that if they wait too long to make a purchase, the property may not be there.”

“We are now seeing multiple buyers competing for the same property,” said Brenda Fioretti, NABOR® Media Relations Committee Chairman and Managing Broker of Prudential Florida Realty.

To view the entire report, visit www.NaplesArea.com 

See the John R. Wood January 2012 Market Reports below:

Market Report January 2012

Neighborhood Snapshot January 2012

To search for homes for sale in Naples, Bonita Springs and Estero, FL click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

In the luxury home market, units priced at $1,000,000 and above, closings are up 10% over the past 12 months.  January 2012 pended sales priced below $250,000 have dropped 14% from this time last year.  Pended sales remained brisk in January with almost 1,400 units, the highest level since April 2011.

The number of properties placed on the market in January was the lowest for the month since 2005. Available inventory on February 1, 2012 stands at 8,181 units (4,404 condominiums and 3,777 single family homes). Additionally, more neighborhoods are experiencing less than a one-year supply of homes for sale. Overall, available inventory represents a 22% decrease from February 1, 2011 and is approximately a nine-month supply.

To see the full Market Report including a detailed analysis, click HERE.

Don’t forget to look at the Neighborhood Snapshot Report for January 2012 as well!

To find homes for sale in Naples, Bonita Springs, Estero or Marco Island, click HERE!

John R. Wood Realtors – The Symbol for Local Knowledge

The analysis also showed that Collier County’s January 2012 foreclosures dropped to 257 housing units (one in every 768), down 28.21% from 358 in December 2011, and down 5.17%  from 271 units during January 2011.

In Lee County, 945 housing units were in foreclosure last month (one in every 393), down from 1,116 in December 2011. However, compared year over year, foreclosures have increased nearly 11 percent, up from 854, comparing January 2011 to January 2012.

To search for homes for sale in Naples, Estero, Bonita Springs, and Marco Island, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

So, when you shop for a loan, how else can you differentiate lenders above and beyond the typical price/product/service attributes?

Here are some suggestions:

Ask for referrals – If you have a friend, co-worker, or family member who had a good lending experience, ask who they’ve used. Talk to people who deal with multiple lenders (your John R. Wood real estate agent, your attorneys, accountants, etc.) and leverage their comparative experience into making good choices.  Loan officers who earn referrals typically go beyond the price/product/service expectation.

Seek out a mortgage advisor – Even today, with limited loan programs, there are many factors to consider when choosing the right mortgage. Your future income, the length of time you expect to be in the home and your risk tolerance should be discussed.

Look for transparency – Demand a lender who freely and competently discusses rates and likely rate movements. Rates are derived by activities in the bond market and your loan officer should be able to explain, in layman’s terms, the factors that affect rates and upcoming events and economic reports, as well as, the most likely impact they will have.

Accessibility of information – Are you looking for printed materials and/or videos to guide you through the process? How about online workshops or home buying seminars?

Seek out a resource – You may need other professionals when buying a home (from insurance people, to home improvement people, to legal help). A good loan officer has a network of high quality referral partners to help you.

While the criteria may have changed in finding a good lender, there are still many out there who can get the job done.  John R. Wood Realtors has an abundance of resources to help you find a lender. Check with your John R. Wood Agent today!

To find a John R. Wood Agent, click HERE.

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood – The Symbol for Local Knowledge.

Ok, so this would take some amount of pre-planning, but any time of the year is perfect for purchasing a second or vacation home in beautiful Naples, Florida! Whether it’s a high-rise condo on the beach or a single-family home at a resort-style golf community, buying luxury property in Naples, Florida is always a great investment!

Aside from the fact that inventory is shrinking and home sales are increasing, Naples is second to none when it comes to the luxury beach and resort lifestyle! Enjoy miles of white sand beaches, incredible sunsets, lush preserves, dining and shopping, and world-class golf courses.

So, for your NEXT Valentine’s day why not start planning now! By this time next year, you and your sweetie could be admiring the ocean from your beachfront condo! WAY better than chocolate and flowers!!

Case in point, check out this amazing condo and the View!

Find a John R. Wood Agent now! 

To search for homes for sale in Naples, Estero, Bonita Springs, and Marco Island, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

I just want to own the place I live.  The desire to be a homeowner seems to be the most popular reason.  It may include a bunch of motivations, like tax considerations, the ability to gain equity over time, own the home and furnish as you desire. This popular reason may demonstrate that in the debate about whether a home is an investment or a place to live, the emotions around owning the place you live trump investment.

I want to buy now and move later. Warren Buffet’s assistant just famously bought a retirement home, years in advance, publicly stating that she did so on her boss’s advice to buy now and move later. This is a partially market-based sentiment, of course, as the rationale for buying right now is that prices and interest rates are low.  But it’s also partially lifestyle-based, as this is a motive for buying that you’re much more likely to hear from those who have diligently saved and are currently well-employed, but look forward to moving to a locale with a lower cost of living in the years to come, when they change career paths or retire.

I don’t want to have to move anymore. The truth that living in a home you don’t own may mean moving when you don’t want to is a big emotional driver for home buying these days. It helps that rates and prices are low, and that many of these renters have been saving aggressively over the past few years.

Whatever your reason may be for buying a home, it’s hard to deny both the great value and lifestyle that you get by purchasing a property in Southwest Florida!

To find homes for sale in beautiful Southwest Florida, click HERE!

To learn more about Naples, Estero, Bonita Springs and Marco Island, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

Click HERE to view the digital issue!

Mortgage companies offer a variety of products to foreign nationals but the products’ accessibility and terms depend on the borrower’s immigration status and documentation of credit status in his or her home country.

International interest in U.S. properties is growing fast. Sales of real estate to foreigners increased from $66 billion in 2009 to $82 billion in 2010, according to NAR data.

In Florida, which accounts for 10 percent of the country’s immigrant population,  foreign buyers accounted for almost 31 percent of all real estate transactions. Other states popular with foreign homebuyers include California, Texas, Arizona, Illinois, Tennessee and New York.

Foreign nationals tend to buy homes in communities where they already have roots or where large immigrant populations exist. In Florida, Cubans, Haitians and Colombians account for the majority of foreign buyers while in most of the Southwest, Mexicans make up the majority. Canadians are buying heavily all across the country.

 To find homes for sale in beautiful Southwest Florida, click HERE!

To learn more about Naples, Estero, Bonita Springs and Marco Island, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge